Royal Boskalis to complete purchase of remaining Smit Lamnalco shares

Smit Lamnalco tugs
Smit Lamnalco tugsSmit Lamnalco

Royal Boskalis has signed an agreement to acquire the remaining share in Dutch terminal services company Smit Lamnalco from Saudi Arabia's Rezayat Group.

Smit Lamnalco utilises a fleet of harbour and terminal tugs as well as offshore support vessels spread over four continents. Its tug fleet provides marine services to oil, gas and LNG terminals as well as port operations.

Its DP1 and DP2 offshore support vessels are designed to provide a wide range of offshore support duties around floating production facilities (F(P)SO, FLNG, FSRU and SPM), and its crew- and pilot boats support the core business.

The company had an annual revenue of approximately US$275 million and EBITDA of US$100 million in 2023.

Boskalis announced in 2021 that it was reviewing its position as a shareholder in the strategic joint venture. Boskalis has held a 50 per cent stake in Smit Lamnalco since 1964, with the remaining shares held by Rezayat.

The transaction is subject to customary conditions including the approval of regulatory authorities.

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